Depositor compensation bill introduced to Parliament

Thu, 22 Sep 2022

Legislation has been introduced into parliament today that will protect people’s deposits in any eligible institution, up to $100,000, in the event that it fails.The Deposit Takers Bill is the third piece of legislation following the review of the Reserve Bank Act and follows the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018, which changed the objectives and decision-making process for monetary policy.The new bill also comes after the Reserve Bank of New Zealand Act 2021, which dealt with institutional arrangements for...

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